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NEW YORK — Shares of both public U.S.-based automakers closed up Monday, as contract negotiations between the United Auto Workers union and General Motors Corp. continued.

The UAW named GM as the lead company on Thursday, meaning that once the union reaches an agreement with GM, it will pursue similar deals at Ford Motor Co. and Chrysler LLC.

One key issue in the negotiations has been the funding of retiree health care benefits.

GM wants the union to take over responsibility for the costs using a company-funded trust. The UAW was asking for job guarantees in exchange for taking on the costs.

Also on Monday, a Bear Stearns analyst upgraded Ford to "Outperform," from "Peer Perform," saying the smaller automaker is poised to reap larger financial benefits from a possible health care deal than GM.

chron.com

 
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